Edgewise Therapeutics (NASDAQ:EWTX) CMO Joanne Donovan Sells 6,522 Shares of Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) CMO Joanne Donovan sold 6,522 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $43.85, for a total value of $285,989.70. Following the completion of the sale, the chief marketing officer owned 11,544 shares in the company, valued at $506,204.40. This trade represents a 36.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ EWTX opened at $44.17 on Friday. Edgewise Therapeutics, Inc. has a 52-week low of $13.52 and a 52-week high of $48.40. The business has a fifty day moving average of $40.12 and a two-hundred day moving average of $34.62. The stock has a market cap of $4.80 billion, a PE ratio of -23.88 and a beta of 0.30.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.06). Analysts predict that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on EWTX shares. Truist Financial set a $52.00 price target on Edgewise Therapeutics in a research report on Wednesday, May 6th. Oppenheimer assumed coverage on Edgewise Therapeutics in a report on Thursday, July 9th. They set an “outperform” rating and a $51.00 target price on the stock. Guggenheim lifted their price target on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a report on Monday, July 6th. HC Wainwright reissued a “buy” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Finally, Leerink Partners set a $52.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $49.08.

Edgewise Therapeutics News Summary

Here are the key news stories impacting Edgewise Therapeutics this week:

• Neutral Sentiment: The sales were made to cover tax-withholding obligations associated with the vesting of equity awards, rather than representing stated concerns about the company’s outlook. Insiders continued to hold shares after the transactions, which reduces the negative significance of the filings. CEO SEC filing General counsel SEC filing Insider SEC filing CMO SEC filing
• Negative Sentiment: The number of transactions and the reductions in individual holdings—ranging from roughly 16% to 36%—could create modest sentiment pressure because multiple executives sold shares while EWTX was trading at elevated levels. However, the tax-related purpose makes these filings a limited signal of insider sentiment.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors have recently modified their holdings of EWTX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Edgewise Therapeutics by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company’s stock valued at $963,000 after purchasing an additional 2,463 shares during the period. Jones Financial Companies Lllp acquired a new stake in Edgewise Therapeutics during the 1st quarter worth approximately $47,000. Goldman Sachs Group Inc. raised its holdings in Edgewise Therapeutics by 5.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company’s stock worth $8,066,000 after buying an additional 19,753 shares during the period. Strs Ohio acquired a new position in shares of Edgewise Therapeutics in the first quarter valued at approximately $84,000. Finally, Creative Planning raised its holdings in shares of Edgewise Therapeutics by 29.4% during the second quarter. Creative Planning now owns 16,910 shares of the company’s stock worth $222,000 after acquiring an additional 3,837 shares during the period.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc (NASDAQ: EWTX) is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise’s pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.